China-UK Economic Dialogue Opens in Beijing

Chinese and British officials convened the third China-UK Economic and Financial Dialogue in Beijing Tuesday to discuss bilateral cooperation and coordination on issues of common concern.

Chinese Vice Premier Wang Qishan and UK Chancellor of the Exchequer George Osborne co-chaired the dialogue.

China hoped the two sides could conduct thorough discussions on strategic, long-term and overall issues regarding bilateral economic ties, so as to inject vigor into the Sino-UK relationship, Wang said.

"The dialogue is an annual opportunity for us to build on our cooperation and friendship," said Osborne.

The dialogue coincides with the official visit by British Prime Minister David Cameron, who arrived in Beijing for a two-day stay Tuesday morning, and gathers leading British industry and commerce figures.

Strong economic recovery was still a top priority for all countries, said Wang.

He said the world economy faced many uncertainties and he called on the international community to uphold the spirit of constructive cooperation, strengthen macro-economic policy coordination, fight trade protectionism and avoid politicizing economic issues.

"All countries should work together to contribute to robust, sustainable and balanced growth," he said.

Major developed economies lacked internally-motivated growth, with long-term high unemployment and rising financial and debt risks, said Wang.

Emerging economies saw flooding inward capital and growing inflation hazards, while excessive liquidity and a turbulent financial market affected market confidence, said Wang.

Changing the economic development pattern and adjusting the economic structure was the path to economic sustainability of China and Britain, Wang said.

The two economies were highly complementary, with China, in the process of accelerating industrialization and urbanization, showing surging market demand and Britain taking the lead in finance, technology, education, culture, energy, chemistry and machinery manufacturing, he said.

"We hope China and Britain can further pragmatic cooperation, making high-end manufacturing, the green economy, infrastructure and financial services new highlights of our partnership," said Wang.

"Strengthening understanding and mutual trust, and accommodating each other's concerns are pre-conditions of our cooperation," Wang said.

China had made progress in solving concerns of Britain, such as market access and intellectual property rights protection, Wang said.

He said China hoped Britain would make substantial efforts to lift restrictions on exports of advanced technologies to China, to recognize China's market economy status and create a pro-investment climate for Chinese enterprises in Britain.

The central objectives of resisting protectionism, reducing trade and investment barriers, developing new markets, expanding world trade, and seeking progress on the Doha round of international trade talks were all the cornerstones of shared values, said Osborne.

"I believe a close collaboration between the UK and China will help the world navigate its way through these uncertain times," Osborne said.

The UK was one of the largest EU investors in China and one of the biggest destinations in the EU for Chinese investment, said Osborne.

Osborne and Chinese Vice Premier Li Keqiang pledged Monday to boost bilateral economic and trade ties.

It is the first economic and financial dialogue between the two countries since Cameron took office in May.

(Source: Xinhua)